I have TurboTax Premium. I rented out a room and entered information about the rental. However, when I preview my 1040, I do not see a Schedule E, which is required.

[MindyB]

I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:

TurboTax Online:

1. Sign into your online account.
2. Locate the Tax Tools on the left-hand side of the screen.
3. A drop-down will appear. Select Tools
4. On the pop-up screen, click on “Share my file with agent.”
5. This will generate a message that a diagnostic file gets sanitized and transmitted to us.
6. Please provide the Token Number that was generated in the response.

TurboTax Desktop/Download Versions:

1. Open your return.
2. Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent” *
3. This will generate a message that a diagnostic copy will be created.  Click on OK and the tax file will be sanitized and transmitted to us.
4. Please provide the Token Number (including the dash) that was generated in the response.

*(If using a MAC, go to the menu at the top of the screen, select Help, then, “Send Tax File to Agent”)

[bonnielang30]

Sure, I have TurboTax Online and just followed the instructions so the token is 1285019.  Thanks, Bonnie

[MindyB]

Thank you for sharing.  I was able to view the return, and verified that I observed that Schedule E has been generated in your return. If you print the full return to pdf, you can use the search feature to find the Schedule E.  

One note, is that you do not have any associated expenses from the rental.  You can depreciate the room based on the square footage as a percent of home, and other expenses such as a reasonable allocation of electricity, water, etc.  See more here: Publication 527 (2024), Residential Rental Property

[bonnielang30]

Thank you so much for verifying that. I haven't paid so am not able to print yet, so that must be why. I didn't want to get Premium if I needed to get Premier for Schedule E. (I saw something about that. Get Premier for rental). I didn't depreciate, because I was trying to model what our accountant did from last year, and they didn't for some reason.  If I don't add expenses, do I have to add detail under Rental Property assets? There is an asset by default with nothing filled out.  Thanks for your help!  This is my first time using Turbo tax (I like it) and also doing my taxes. 

[DawnC]

Premier is available for desktop users and TurboTax Premium is the product you need for TurboTax Online.   Rental expenses and rental assets are different.   See the two links below.    Yes, whether you add expenses or not, you should go through the Assets section (add the detail under assets) and set up the property for depreciation.   You have to recapture the depreciation when you sell the property, whether you took the depreciation or not.   

What rental expenses can I deduct?

How do I handle capital improvements for my rental?  

[bonnielang30]

I realized that I should not have selected "self-rental", since I don't have a business so changed this to single-family. Does that matter as far as depreciation? I only rented the room for less than 12 months. Do I have to add depreciation?  My friend that has an office (and a business) didn't do that when he sold his house. Thanks for your help.

[AnnetteB6]

It does not matter whether you take the depreciation or not, but even if you do not take it, you are required to recapture it when you sell the house.  

There is a way to avoid claiming depreciation when claiming a home office expense so that it would not need to be recaptured when selling the house (like your friend).  However, that same option does not exist for renting part of your home.

@bonnielang30